Page 81 - Policy Wording - Hollard Prestige Portfolio 1.4

Section 4 – Fine arts
Specific definitions for this section
○ Fine arts means art, antiques and collectables of particular value due to their age, style, artistic merit or collectable value including:
– furniture, paintings, drawings, etchings, prints and photographs
– tapestries, carpets and rugs
– manuscripts and books
– ornaments, statues and sculpture
– stamps or coins forming part of a collection including books, pages, mountings, albums, containers, frames, cards and display cabinets
– gold, silver, pewter, platinum or gold-plated and silver-plated items
– clocks and barometers
– collections, a private collection of rare, unique or novel items of personal interest such as dolls, toy soldiers, guns and models as well as memorabilia
– musical instruments
– wine collection
– furs,
all of which belong to you or for which you are responsible.
○ Agreed value means the values agreed between you and us. This does not necessarily reflect the retail value.
○ Appreciation means the increase in value of an item during the period of insurance.
○ Collection means the art, antiques and other property belonging to you or for which you have a legal responsibility as stated in the schedule or asset inventory survey.
○ Depreciation means the reduction in value of an item directly caused by damage to the item.
○ Fair market value means the price of the item in the current market that you would obtain in an arms-length sale
between a willing buyer and a willing seller.
○ Fine arts do not include any items used for any business activity.
○ Re-valuation is the process carried out by an independent valuator while re-assessing the value of an item.
Hollard Prestige Portfolio – Version 1.4 – 2 Feb 2023 79